The city says the police service has the largest and fastest-growing operating budget, and the review will look for ways to stretch tax dollars.
The municipality has released a request for proposals to find a qualified third party to conduct the review, which is to deliver a preliminary report by late November.
The operating budget for the Winnipeg Police Service this year is more than $220 million.
As of last year the service included 1,443 police officers and 423 civilian members.
The last review of the service was in 2000.